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S. Korea's trade surplus widens to US$7.2 bln in July
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South Korea's trade surplus widened sharply in July from the previous month as
exports grew at a faster pace than imports, the government said
Monday.
The country's trade surplus reached US$7.2 billion last month, compared with a surplus of $3.3 billion in June, according to the Ministry of Knowledge Economy. The figure for July also marks a 44.4 percent spike from $5 billion in July 2010.
Exports surged 27.3 percent on-year to a new monthly high of $51.4 billion last month with imports rising 24.8 percent to $44.2 billion.
"With the strong economic recoveries of emerging markets, shipments of products such as steel and petrochemical and petroleum goods led the export growth," the ministry said.
Shipments of petroleum products spiked 89.2 percent on-year in July with exports of steel products rising 72.5 percent.
Exports to developing countries, such as the 10 member nations of the Association of Southeast Asian Nations (ASEAN), rose 34.5 percent from the same period last year while exports to developed countries, including the United States, only inched up 4.0 percent, according to the ministry.
Exports to the European Union (EU) dropped 8.7 percent from a year earlier although the Korea-EU free trade agreement was implemented at the start of last month. But shipments of key export items to the world's single largest economy continued to rapidly increase, it said.
Exports of automobiles to EU countries jumped 106.7 percent on-year with shipments of petroleum products also rising 32.9 percent.
Imports grew largely on increased energy consumption and high energy prices. The amount of money spent on petroleum imports reached $8.68 billion, up 67.6 percent from $5.18 billion in July 2010. The country's imports of natural gas also rose 45.5 percent on-year to $2.11 billion last month, according to the ministry.
Date
2011.08.01
The country's trade surplus reached US$7.2 billion last month, compared with a surplus of $3.3 billion in June, according to the Ministry of Knowledge Economy. The figure for July also marks a 44.4 percent spike from $5 billion in July 2010.
Exports surged 27.3 percent on-year to a new monthly high of $51.4 billion last month with imports rising 24.8 percent to $44.2 billion.
"With the strong economic recoveries of emerging markets, shipments of products such as steel and petrochemical and petroleum goods led the export growth," the ministry said.
Shipments of petroleum products spiked 89.2 percent on-year in July with exports of steel products rising 72.5 percent.
Exports to developing countries, such as the 10 member nations of the Association of Southeast Asian Nations (ASEAN), rose 34.5 percent from the same period last year while exports to developed countries, including the United States, only inched up 4.0 percent, according to the ministry.
Exports to the European Union (EU) dropped 8.7 percent from a year earlier although the Korea-EU free trade agreement was implemented at the start of last month. But shipments of key export items to the world's single largest economy continued to rapidly increase, it said.
Exports of automobiles to EU countries jumped 106.7 percent on-year with shipments of petroleum products also rising 32.9 percent.
Imports grew largely on increased energy consumption and high energy prices. The amount of money spent on petroleum imports reached $8.68 billion, up 67.6 percent from $5.18 billion in July 2010. The country's imports of natural gas also rose 45.5 percent on-year to $2.11 billion last month, according to the ministry.
Source: Yonhap News (Aug.1, 2011)